[Added 6-29-2020 by Ord.
No. 2020-15]
(a)
Control periods for restricted rental units shall be in accordance
with N.J.A.C. 5:80-26.11, as may be amended and supplemented, and
each restricted rental unit shall remain subject to the requirements
of this Ordinance for a period of at least 30 years, until Princeton
takes action to release the unit from such requirements. Prior to
such action, a restricted rental unit must remain subject to the requirements
of N.J.A.C. 5:80-26.1, as may be amended and supplemented.
(b)
Deeds of all real property that include restricted rental units
shall contain deed restriction language. The deed restriction shall
have priority over all mortgages on the property, and the deed restriction
shall be filed by the developer or seller with the records office
of the County of Mercer. A copy of the filed document shall be provided
to the Administrative Agent within 30 days of the receipt of a Certificate
of Occupancy.
(c)
A restricted rental unit shall remain subject to the affordability
controls of this article despite the occurrence of any of the following
events:
[Added 6-29-2020 by Ord.
No. 2020-15]
(a)
A written lease shall be required for all restricted rental
units and tenants shall be responsible for security deposits and the
full amount of the rent as stated on the lease. A copy of the current
lease for each restricted rental unit shall be provided to the Administrative
Agent.
(b)
No additional fees or charges shall be added to the approved
rent (except, in the case of units in an assisted living residence,
to cover the customary charges for food and services) without the
express written approval of the Administrative Agent.
(c)
Application fees (including the charge for any credit check)
shall not exceed 5% of the monthly rent of the applicable restricted
unit and shall be payable to the Administrative Agent to be applied
to the costs of administering the controls applicable to the unit
as set forth in this article.
(d)
No rent control ordinance or other pricing restriction shall
be applicable to either the market units or the affordable units in
any development in which at least 15% of the total number of dwelling
units are restricted rental units in compliance with this article.
[Added 6-29-2020 by Ord.
No. 2020-15]
(a)
Tenant income eligibility shall be in accordance with N.J.A.C.
5:80-26.13, as may be amended and supplemented, and shall be determined
as follows:
(1)
Very-low-income rental units shall be reserved for households
with a gross household income less than or equal to 30% of the regional
median household income by household size.
(2)
Low-income rental units shall be reserved for households with
a gross household income less than or equal to 50% of the regional
median household income by household size.
(3)
Moderate-income rental units shall be reserved for households
with a gross household income less than 80% of the regional median
household income by household size.
(b)
The Administrative Agent shall certify a household as eligible
for a restricted rental unit when the household is a very-low-income
household, low-income household or a moderate-income household, as
applicable to the unit, and the rent proposed for the unit does not
exceed 35% (40% for age-restricted units) of the household's eligible
monthly income as determined pursuant to N.J.A.C. 5:80-26.16, as may
be amended and supplemented; provided, however, that this limit may
be exceeded if one or more of the following circumstances exists:
(1)
The household currently pays more than 35% (40% for households
eligible for age-restricted units) of its gross household income for
rent, and the proposed rent will reduce its housing costs;
(2)
The household has consistently paid more than 35% (40% for households
eligible for age-restricted units) of eligible monthly income for
rent in the past and has proven its ability to pay;
(3)
The household is currently in substandard or overcrowded living
conditions;
(4)
The household documents the existence of assets with which the
household proposes to supplement the rent payments; or
(5)
The household documents reliable anticipated third-party assistance
from an outside source such as a family member in a form acceptable
to the Administrative Agent and the owner of the unit.
(c)
The applicant shall file documentation sufficient to establish
the existence of the circumstances in paragraphs (a)(1) through (b)(5)
above with the Administrative Agent, who shall counsel the household
on budgeting.
